Discounted Cash Flow (DCF) Analysis Unlevered

Bright Scholar Education Holdings L... (BEDU)

$1.62

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.55 | 1.62 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 275.02410.08538.64224.28274.39304.87338.74376.37418.18464.63
Revenue (%)
EBITDA 68.4076.2844.4969.253.4451.1356.8163.1370.1477.93
EBITDA (%)
EBIT 54.6655.3512.9033.77-18.3626.9129.9033.2236.9141.01
EBIT (%)
Depreciation 13.7420.9331.5935.4821.8024.2226.9229.9133.2336.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 504.62558.12542.62135.15106.36316.66351.84390.93434.36482.61
Total Cash (%)
Account Receivables 3.5116.6218.04335.3952.78108.20120.22133.57148.41164.90
Account Receivables (%)
Inventories 1.474.204.481.211.102.032.262.512.793.10
Inventories (%)
Accounts Payable 10.1815.0914.8911.7516.0412.9414.3815.9817.7519.72
Accounts Payable (%)
Capital Expenditure -18.81-24.83-23.96-25.39-19.66-21.85-24.27-26.97-29.97-33.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.62
Beta 0.534
Diluted Shares Outstanding 29.81
Cost of Debt
Tax Rate -171.88
After-tax Cost of Debt 7.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.329
Total Debt 271.19
Total Equity 48.28
Total Capital 319.48
Debt Weighting 84.89
Equity Weighting 15.11
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 275.02410.08538.64224.28274.39304.87338.74376.37418.18464.63
EBITDA 68.4076.2844.4969.253.4451.1356.8163.1370.1477.93
EBIT 54.6655.3512.9033.77-18.3626.9129.9033.2236.9141.01
Tax Rate 21.93%27.72%33.95%88.00%-171.88%-0.06%-0.06%-0.06%-0.06%-0.06%
EBIAT 42.68408.524.05-49.9226.9329.9233.2436.9341.04
Depreciation 13.7420.9331.5935.4821.8024.2226.9229.9133.2336.92
Accounts Receivable --13.11-1.42-317.34282.61-55.42-12.02-13.36-14.84-16.49
Inventories --2.73-0.283.270.11-0.93-0.23-0.25-0.28-0.31
Accounts Payable -4.91-0.19-3.154.29-3.091.441.601.771.97
Capital Expenditure -18.81-24.83-23.96-25.39-19.66-21.85-24.27-26.97-29.97-33.29
UFCF 37.6125.1814.25-303.08239.24-30.1421.7524.1726.8529.84
WACC
PV UFCF -28.0818.8719.5320.2120.92
SUM PV UFCF 51.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.36
Free cash flow (t + 1) 30.43
Terminal Value 567.77
Present Value of Terminal Value 398.07

Intrinsic Value

Enterprise Value 449.53
Net Debt 164.83
Equity Value 284.70
Shares Outstanding 29.81
Equity Value Per Share 9.55